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In It for the Short Term

Wealthy borrowers are drawn to loans with repayment periods of 10, 15 or 20 years

By

AnnaMaria Andriotis

Jan. 30, 2014 8:46 p.m. ET

Affluent borrowers are falling out of love with long-term loans.

More wealthy borrowers are ditching the 30-year mortgage in favor of shorter repayment periods. The reason: lower rates that can save borrowers thousands of dollars in interest over the life of the loan.